U.S. Stocks Post Biggest Gain Since March 2009 on Fed Statement
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U.S. stocks rose, capping the biggest rally in more than two years for benchmark indexes, as the Federal Reserve said it was prepared to use a range of tools to bolster the economy following yesterday’s rout in equities.
The Standard & Poor’s 500 Index swung between gains and losses following the Fed’s statement and closed near the highest level of the trading day. Financial stocks in the S&P 500, which paced a slide that erased $1 trillion in market value yesterday, rallied 8.2 percent. Bank of America Corp. and Citigroup Inc. jumped at least 13 percent. Freeport-McMoRan Copper & Gold Inc. gained 7.5 percent as gold advanced to a record.